NEW YORK, May 1, 2012 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC announces
that a class action suit was filed in the United States District
Court for the District Court of the Virgin Islands on behalf of purchasers of the
common stock of Qiao Xing Universal Resources, Inc. ("XING" or the
"Company") (NasdaqGS: XING), between July
15, 2011 and April 16, 2012
inclusive (the "Class Period").
The Complaint charges the company and certain of its present and
former officers and directors with violations of federal securities
laws and that throughout the Class Period defendants made false
and/or misleading statements and/or failed to disclose material
adverse facts about XING's business. Specifically, the Complaint
alleges that defendants failed to disclose that in June 2011 the Company's then Chairman
Wu Rui Lin transferred Company funds
to a bank account under his control.
On April 16, 2012 NASDAQ halted
trading in XING shares. Then on April
20, 2012 the company announced that its Audit Committee
determined to commence an internal investigation into a transfer of
funds from a company subsidiary's bank account to an account
controlled by Lin.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact either Peretz
Bronstein or Eitan Kimelman
of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via
email eitan@bgandg.com. Those who inquire by e-mail are encouraged
to include their mailing address and telephone number. June 26, 2012 is the deadline for investors to
seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
eitan@bgandg.com
SOURCE Bronstein, Gewirtz & Grossman, LLC
